50 Ind. Admin. Code 25-3-1

Current through November 6, 2024

Section 50 IAC 25-3-1 - Applicability of model residence deduction

Authority: IC 6-1.1-12.6-9

Affected: IC 6-1.1-12.6

Sec. 1.

(a) The deduction from the assessed value of a model residence described in subsection (b) is applicable only to a model residence that is first assessed as a:

(1) partially completed structure; or

(2) fully completed structure;

for the assessment date in 2009 or a later year.

(b) An owner of a qualified model residence is entitled to a deduction from the assessed value of the model residence in the amount of fifty percent (50%) of the assessed value of the model residence for:

(1) not more than one (1) assessment date for which the model residence is assessed as a partially completed structure;

(2) the assessment date for which the model residence is first assessed as a fully completed structure; and

(3) the two (2) assessment dates that immediately follow the assessment date referred to in subdivision (2).

50 IAC 25-3-1

Department of Local Government Finance; 50 IAC 25-3-1; filed Apr 15, 2009, 10:16 a.m.: 20090513-IR-050080755FRA